A credit union has been fined 21,000 euro over its failure to ensure it could prevent and detect money laundering and terrorist financing.
The Central Bank said it had imposed the penalty on the Community Credit Union Limited for breaching regulations.
Peter Oakes, director of enforcement at the Central Bank, said the penalty follows inspections in all regulated sectors of the financial services industry to monitor compliance.
"Credit unions have an important role to play in the financial services sector, providing services to credit union members throughout the country, and savings under management of almost 12 billion euro," he said.
"They therefore play an integral part in efforts to prevent the use of the financial system for the purposes of money laundering and terrorist financing."
He added: "Firms must also maintain awareness at board level of the need to continually review the appropriateness of their risk-based anti-money laundering and counter terrorist financing measures as business evolves."
It is the first time an administrative sanction has been imposed on a credit union and only the second time a firm has been sanctioned for non-compliance with money laundering and terrorist financing laws which came into force in July 2010.
The breaches were alleged to have occurred from July 15 2010, when the Criminal Justice Act came into force, until 29 November 2011. The credit union was inspected in September 2011.